Posted on 12/26/2020 4:29:21 PM PST by RomanSoldier19
America is facing a generational crisis where younger people have no wealth built up and lack the financial literacy to do so, said Kevin O’Leary, star of Shark Tank and chairman of O'Shares ETFs.
“In America today, there’s 100 million people that have nothing set aside for retirement,” O’Leary said. “That is a failure of financial literacy that started as far back as the 1970s.”
Reform needs to happen at the educational level, O’Leary said.
“We really need to change the curriculum in high school, at the ages of 13 and 14, to start to explain how a credit card works, how the market works, that needs to be mandatory, not supplemental,” he said. “The state of Florida has brought it into their curriculum, it’s mandatory. We need to see that in New York, Texas, and California, they’re the majority of where the schools are and then the rest of the states will follow.”
On some of his best holdings, this year, O’Leary initially refused to invest in MindMed (MMED.NE) when CEO JR Rahn approached him. Eventually, O'Leary changed his mind.
(Excerpt) Read more at kitco.com ...
It’s why some want socialism. If they don’t have anything, they don’t want others to have anything either.
Why should they? The government wants to take everybody’s retirement money and “manage” it for them. I’m sure there will be a heavy dose of “fairness” thrown in for good measure.
Don’t worry, AOC & company will just move the money from everyone who saved, because “you didn’t earn that”...
And in the name of “fairness” those rich ants that have tax advantaged accounts will be made to deliver over a portion for the grasshoppers.
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Not too many are freepers.
Give them $1k at birth. S & P 500. No withdrawal for 50 years. Parents get a 1k tax deduction for each kid per year. Tax cut for the rich? Who cares. Start them young.
No problem. The Great Reset will make sure none of us has anything, and well like it.
Whose fault is that?
Lots of Americans have hundreds of thousands of college debt for doctorates in education - but we should forgive those student loans too?
I worked my butt off to pay off my student loans and I’ve worked my butt off to save and earn for my retirement while my friends took out extra student loans to finance lavish student lifestyles then bought houses they couldn’t afford foregoing their retirement saving.
Why are we bailing them out?!
” 100 million Americans have nothing set aside for retirement”
Click-bait. How many are under 25?
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After Biden takes over we are headed the way of Venezuela.
Most people won’t have to worry about it because they will starve to death long before retirement age.
I had nothing saved for retirement when I was 25 -- but I did have a heap of school loans.
Because the takers have gotten control of the public purse. This is the end result of all Welfare States.
Why should they set something aside for retirement when Communism will provide?
Don’t worry, they can live off social security....After it’s taxed of course thanks to millionaire Bill Clinton
Had they not been taxing us to bankruptcy we might’ve had something to put away for retirement
These 100 million Americans really should be forced to read Benjamin Franklin’s “The way to wealth.”
That is belied by the fact that 75% of Americans have some kind of retirement plan, most of them with a 401k from their employer.
Granted, many don't save enough or don't start saving early enough.
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